Saturday, 21 August 2010

Friday’s night fever

According to a research carried out by the Institute of Payroll Professionals (IPP) 65% of employees have no doubt on electing Friday as the best day of the week to receive their pay.

Clearly from the psychological and practical point of view as well, getting wages on Fridays allows workers to better enjoy their weekends, the risk being, on the other hand, that this could create momentum to spend the great part of their income and put aside the smaller part of it.

Being paid on a weekly basis also hampers workers to properly plan and distribute their expenses over the month.

The IPP research also revealed that 85% of workers would rather prefer to be paid on a monthly basis, rather than on a weekly or a twice a month basis, which is totally understandable in that, as claimed above, being paid monthly can permit workers to better manage their wages more conscientiously and effectively.

People are used to get their bills on a monthly basis, so that receiving their salary once a month would help them to properly manage their income and budget what they have left till the next month payday. That is possibly why nearly 35% of workers also express their preference to be paid on the last working day of the month (Source: CMI).